Required:

1. Record adjusting entries in the general journal as of December 31, 2019.
2. Record closing entries in the general journal as of December 31, 2019.
3. Record reversing entries in the general journal as of January 1, 2020.

Analyze: Assuming that the firm did not record a reversing entry for salaries payable, what entry is required when salaries of $5,200 are paid on January 3?

Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Office Equipment Accumulated Depr.Office Equipment Warehouse Equipment Accumulated Depr.Warehouse Equipment Notes Payable-Bank Accounts Payable Interest Payable Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Salaries Payable Phillip Tucker, Capital Phillip Tucker, Drawing Sales Sales Returns and Allowances Purchases Purchases Returns and Allowance Income Summary Rent Expenses Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Insurance Expense Depr. Expense-Office Equipment Depr. Expense-Warehouse Equipment Uncollectible Accounts Expense Interest Expense Totals Net Income Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $ 29,200.00 $ 29,200.00 $ 29,200.00 34,300.00 34,300.00 34,300.00 330.00 3,857.00 4,187.00 4,187.00 81,500.00 73,500.00 81,500.00 73,500.00 73,500.00 9,500.00 8,410.00 1,090.00 1,090.00 4,320.00 2,880.00 1,440.00 1,440.00 6,860.00 6,860.00 6,860.00 2,200.00 1,100.00 3,300.00 3,300.00 25,975.00 25,975.00 25,975.00 9,150.00 4,575.00 13,725.00 13,725.00 27,500.00 27,500.00 27,500.00 11,300.00 11,300.00 11,300.00 550.00 550.00 550.00 1,590.00 254.20 1,844.20 1,844.20 379.00 59.45 438.45 438.45 24.60 24.60 24.60 221.40 221.40 221.40 4,100.00 4,100.00 4,100.00 99,828.00 99,828.00 99,828.00 55,100.00 55,100.00 55,100.00 644,778.00 644,778.00 644,778.00 9.100.00 9,100.00 9,100.00 345,500.00 345,500.00 345,500.00 8,300.00 8,300.00 8,300.00 81,500.00 73,500.00 81,500.00 73,500.00 81,500.00 73,500.00 35,100.00 35,100.00 35,100.00 1,300.00 1,300.00 1,300.00 155,500.00 4,100.00 159,600.00 159,600.00 12,100.00 559.65 12,659.65 12,659.65 8,410.00 8,410.00 8,410.00 2,880.00 2.880.00 2.880.00 1,100.00 1,100.00 1,100.00 4.575.00 4,575.00 4,575.00 3,857.00 3,857.00 3.857.00 550.00 550.00 550.00 $805,355.00 $805,355.00 $ 181,031.65 $ 181,031.65 $893,596.65 $893,596.65 $666, 131.65 $726,578.00 $227,465.00 $167,018.65 60,446.35 60,446.35 $726,578.00 $726,578.00 $227,465.00 $227,465.00